What are the documents required for education loan?

Documents required for Education Loan

  • KYC documents.
  • Bank Statement / Pass Book of last 6 months.
  • Optional – Guarantor Form.
  • Copy of admission letter of the Institute along with fees schedule.
  • Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.

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Likewise, can I get education loan for IAS coaching?

The plain and simple answer is, yes you can get loan for education received from coaching institutes. … Nationalized banks like State Bank of India, Central Bank of India, and Corporation Bank have introduced a whole new product of loans catering just to the coaching needs and expenses of students.

Also, can students get loans after 12th? The age of the candidate must fall within the bracket of 18 to 35 years during loan application. … He/she must be undergoing a graduate/postgraduate degree or a PG diploma. The applicant should have a secured admission in a college or university affiliated by UGC/AICTE/Govt.

Secondly, is Form 16 necessary for education loan?

In case you wish to file your income tax returns without Form 16, you will have to refer to your bank statements, payslips, home loan or education loan certificates, tax-saving investment proofs, Form 26AS, etc. … 1,600 per month is allowed, no tax will need to be paid on the allowance.

Is it good to take education loan?

Some students take an education loan for graduation and then avail of the top-up facility to complete their post-graduation. “Taking a top up on education loan is bad, because it will increase the liability further. It is better to finish the first education loan before taking the second one,” says C. S.

Is original documents required for education loan?

Graduation/3 year or 4 year degree marksheet/passing certificate (if applicable) Diploma passing certificate/record of marks/diploma certificate. Records of past scholarships/awards etc. Special education/ Professional courses/Certificate courses passing certificate.

Is salary slip required for education loan?

Yes, getting an education loan without IT Returns or Pay slips is possible. However, it will not be easy as according to the norms of the industry, you will need a co-applicant (usually a parent, guardian, and/or spouse) when applying for an education loan.

What is proof of income for student loans?

Proof of income: The government asks you to submit your most recent tax return to show your updated income. If you don’t have your tax return, you may be able to submit alternative documentation, such as recent pay stubs or a letter from your employer.

What is the minimum percentage required for education loan?

The bank filed the present appeal saying candidates who have secured 60% marks and above alone are eligible to get education loan as they alone can be treated as meritorious candidates.

What is the procedure of education loan?

If you are a student and the primary applicant for the loan, the lender will ask you to sign a promissory note of repayment to them. Finally, if the lender is satisfied, they will ask you to submit additional documents and post-dated cheques before disbursing the loan.

Which bank provide education loan easily?

Compare Top Education Loan Offers 2021

Name of Bank Interest Rate (p.a.) Loan Amount
Axis 13.70% to 15.20% Up to 75 Lakh
Bank of Baroda 7.85% to 9.85% Up to 4 Lakh and above
HDFC 9.55% to 13.25% Max Apr
Tata Capital 10.99% onwards Up to 30 Lakh

Who qualifies for a study loan?

The loan can be in the name of: A parent, who has proof of income. A sponsor or guardian, who has proof of income. A part-time student, who is full-time employed and has proof of income.

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